Competition in a market is when a company tries to get a consumer to buy its product, rather than another company’s product. A company competes in a variety of ways, including charging a low price, offering a product with attributes that are appealing to consumers, and advertising to inform consumers of its product. When a clothing store has a sale, and provides helpful, courteous sales people in an attractive setting, it is competing for your business by making itself more appealing than other clothing stores.
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